CYPRUS BUSINESS ENVIRONMENT AT A GLANCE INTERNATIONAL STANDARDS OF AUDITING
Audit firms should follow the ISA’s and apply those every time they conduct an audit
Independence test should be applied on the pre- engagement stage; whether the auditor should be accepting the engagement;
All audit firms should periodically be checked as to their quality of service from ICPA of Cyprus and the ACCA.
Quality Control procedures include communication with the client and forwarding letter of recommendations / weakness;
Cyprus maintains and enhances its competitiveness as a reputable international financial center and distinguishes itself from the infamous tax heavens.
Read further advantages for the formation of International Business Companies in the island of Cyprus.